IMO, the sharks have been circling for a while. Once the +6.5 million tonnes of boron is confirmed, the financial terms of the letters of intents are known, and mining licence in hand, the SP should increasingly reflect Erin’s multi-billion dollar Piskanja project. Since Erin already has a poison pill, the shareholder protection rights plan announced today is not urgent.
Erin Ventures Adopts Shareholder Protection Rights Plan
ERIN VENTURES INC. ("Erin")
NEWS RELEASE - For Immediate Distribution
October 11th, 2011
Erin Ventures Inc. (TSXV: EV) is pleased to announce that it has now officially adopted the Shareholder Protection Rights Plan previously approved by shareholders. The Shareholder Protection Rights Plan (commonly known as a "Poison Pill") is intended to provide shareholders of the Corporation with protection against hostile take-over bids. The Rights Plan attaches to all common shares but is not exercisable or independently transferable until separation, which will only occur following a time that a bidder acquires or seeks to acquire 20% or more of the outstanding shares of the Corporation. Upon separation all shareholders except the bidder will have the right to acquire additional shares at a substantial discount, effectively diluting the holdings of the bidder. Separation of the rights will not occur in the event of a "permitted bid", being a bid that, among other things, requires the bid to be open for at least 35 days and be subject to acceptance by shareholders holding at least 50% of the shares not owned by the bidder. The Shareholder Protection Rights Plan will expire September 20, 2014 unless it is renewed or replaced by the Corporation with the approval of the shareholders.
On behalf of the Board of Directors,
Blake Fallis, General Manager
For further information, please contact:
Erin Ventures Inc. Canada
Blake Fallis, General Manager TSX Venture: EV
Phone: 1-250- 384-1999 or 1-888-289-3746 USA